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7.0 SELECTED ANNUAL AND QUARTERLY INFORMATION - 7.1 Annual financial information

7 Selected annual and quarterly information

 

7.1 Annual financial information

The following table shows selected consolidated financial data of BCE for 2016, 2015 and 2014, prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). We discuss the factors that caused our results to vary over the past two years throughout this MD&A.

 

2016   2015   2014(1)  

CONSOLIDATED INCOME STATEMENTS

           

Operating revenues

21,719   21,514   21,042  

Operating costs

(12,931 ) (12,963 ) (12,739 )

Adjusted EBITDA

8,788   8,551   8,303  

Severance, acquisition and other costs

(135 ) (446 ) (216 )

Depreciation

(2,877 ) (2,890 ) (2,880 )

Amortization

(631 ) (530 ) (572 )

Finance costs

           

Interest expense

(888 ) (909 ) (929 )

Interest on post-employment benefit obligations

(81 ) (110 ) (101 )

Other income (expense)

21   (12 ) 42  

Income taxes

(1,110 ) (924 ) (929 )

Net earnings

3,087   2,730   2,718  

Net earnings attributable to:

           

Common shareholders

2,894   2,526   2,363  

Preferred shareholders

137   152   137  

Non-controlling interest

56   52   218  

Net earnings

3,087   2,730   2,718  

Net earnings per common share

           

Basic

3.33   2.98   2.98  

Diluted

3.33   2.98   2.97  

Included in net earnings attributable to common shareholders:

           

Severance, acquisition and other costs

(104 ) (327 ) (148 )

Net (losses) gains on investments

(3 ) 21   8  

Early debt redemption costs

(8 ) (13 ) (21 )

Adjusted net earnings

3,009   2,845   2,524  

Adjusted EPS

3.46   3.36   3.18  

RATIOS

           

Adjusted EBITDA margin (%)

40.5 % 39.7 % 39.5 %

Return on equity (%)(2)

21.8 % 21.1 % 21.0 %

 

 

 

2016   2015   2014  

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

           

Total assets

50,108   47,993   46,297  

Cash and cash equivalents

853   613   566  

Debt due within one year (including notes payable and loans secured by trade receivables)

4,887   4,895   3,743  

Long-term debt

16,572   15,390   16,355  

Total non-current liabilities

22,146   20,672   21,969  

Equity attributable to BCE shareholders

17,540   17,023   14,946  

Total equity

17,854   17,329   15,239  

CONSOLIDATED STATEMENTS OF CASH FLOWS

           

Cash flows from operating activities

6,643   6,274   6,241  

Cash flows used in investing activities

(4,584 ) (4,114 ) (3,570 )

Capital expenditures

(3,771 ) (3,626 ) (3,717 )

Business acquisitions

(404 ) (311 ) (18 )

Business dispositions

18   409   720  

Acquisition of spectrum licences

(1 ) (535 ) (566 )

Loan to related party

(517 )    

Cash flows used in financing activities

(1,819 ) (2,113 ) (2,440 )

Issue of common shares

99   952   49  

Net issuance (repayment) of debt instruments

719   (510 ) 784  

Common shares issuance cost

  (35 )  

Cash dividends paid on common shares

(2,305 ) (2,169 ) (1,893 )

Privatization of Bell Aliant

    (989 )

Cash dividends paid on preferred shares

(126 ) (150 ) (134 )

Cash dividends paid by subsidiaries to non-controlling interest

(46 ) (41 ) (145 )

Free cash flow

3,226   2,999   2,744  

SHARE INFORMATION

           

Average number of common shares (millions)

869.1   847.1   793.7  

Common shares outstanding at end of year (millions)

870.7   865.6   840.3  

Market capitalization(1)

50,527   46,275   44,771  

Dividends declared per common share (dollars)

2.73   2.60   2.47  

Dividends declared on common shares

(2,374 ) (2,213 ) (1,960 )

Dividends declared on preferred shares

(137 ) (152 ) (138 )

Closing market price per common share (dollars)

58.03   53.46   53.28  

Total shareholder return

13.7 % 5.3 % 21.7 %

RATIOS

           

Capital intensity (%)

17.4 % 16.9 % 17.7 %

Price to earnings ratio (times)(2)

17.43   17.94   17.88  

OTHER DATA

           

Number of employees (thousands)

48   50   57  

 

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